Valeant Plans to Cut Jobs and Move Bausch & Lomb HQ

Two months after Canadian drug company Valeant Pharmaceuticals (NYSE: VRX) announced its $8.7 billion plan to buy vision care company Bausch & Lomb, Valeant has announced major changes for it and for Bausch & Lomb.

After the merger closes -- soon after it gets regulatory approvals in early August, according to Valeant -- the company will move the Bausch & Lomb headquarters from Rochester, N.Y., to New Jersey. It will also combine the three B&L businesses into one unit.

In addition, Valeant will eliminate from 10% to 15% of its workforce, between around 1,900 and 2,800 positions, to be taken from the combined companies.

Valeant will keep its corporate headquarters in Laval, Quebec, but will combine its U.S. headquarters with its new U.S. Eye Health business unit in New Jersey.

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